Rosneft, BP boost ties with Russian Arctic deal

Russia’s state oil giant Rosneft said on Thursday it had boosted ties with its long-standing partner BP by agreeing to jointly bid and develop oil and gas deposits in the Russian Arctic. BP already has several joint projects with Rosneft on Russia’s Pacific island of Sakhalin, which will require billions of dollars of investments.

BP also bought a chunk of Rosneft shares during the firm’s initial share offering in London in July.

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